Diamond trade makes come back in Latin America

Strategically located at the middle of the two Americas, Panama plans to build a 50 floor building to host a diamond market.

Wednesday, September 24, 2008

The building will also have a gemmology institute, laboratories, cutting and polishing workshops, and a trading hall.

The Panama Diamond Market hopes to attract 300 agents or brokers, with emphasis on Argentina, Brazil, Chile and Mexico.

The Market hopes to lead the production of diamonds in Latin America, from the mines to the trading floor to the retail stores, thereby changing the status quo for contract sales in Antwerp, New York and Ramat Gan, near Tel Aviv.

More on this topic

Diamond Exchange set up in Panama

October 2008

Panama will host the first diamond exchange in Latin America which will be installed on October 24.

Authorized by the World Federation of Diamond Bourses, The Panama Diamond Exchange (PDE) will become the business framework for jewelers in the region and will develop a regulated system for trading diamonds, precious stones and other jewels.

Panama to open up Latin American diamond market

August 2008

Panama is building Latin America's first diamond exchange expected to be recognized by the World Federation of Diamond Bourses.

"Latin America is the last frontier," said Erez Akerman, who heads the Panama Diamond Exchange, the group behind the project. "We are looking at four main markets: Brazil, Mexico, Argentina and Chile," he told Reuters in the exchange's temporary offices in one of Panama City's upscale districts.

Diamond Distributor Sets Up Shop in Panama

October 2009

The company 'Panama Diamond Exchange' expects to start operations next year, investing $300 million.

It will be Latin America's first diamond distributor, and will employ several hundred people in its offices in the "Costa del Este" area in the Capital City, informed Roberto Henríquez, Commerce Minister.

Panama as a Hub for the Diamond Trade

December 2012

Panama has been admitted to the Kimberley Process for certification of rough diamonds so that they can be marketed from its territory, which will enable the creation of a Diamond Exchange.

As far back as September 2008 announcements were made for the construction of a 50-story building to house a trading market for diamonds, a gemological institute, laboratories, cutting and polishing workshops, and a marketing hall.

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